Intel would have raised about $146.7 million from the sale, based on the average price of Arm's stock between April and June, according to Reuters calculations.

The chipmaker said earlier this month that it would cut more than 15% of its workforce and suspend its dividend amid a pullback in spending on traditional data centre semiconductors and a shift towards artificial intelligence (AI) chips, where it lags rivals such as Nvidia.

Intel has said it is focused on developing advanced AI chips and building out its for-hire manufacturing capabilities, as it aims to recoup the technological edge lost to Taiwan's TSMC, the world's largest contract chipmaker.

The push to energize that contracting foundry business under Chief Executive Officer Pat Gelsinger has increased Intel's costs and pressured profit margins, forcing it to seek cost cuts.

--Reuters--